Finance

BP to Buy Woolworths Australian Gas Stations for A$1.785 Billion

BP to Buy Woolworths Australian Gas Stations for A$1.785 Billion

The fuel sold at Woolworths' petrol stations is now supplied by Caltex Australia (CTX.AX), which also bid for the business. It is exiting its Master's hardware venture which is being wound up as it shrinks back to its core supermarket and Big W retail offering.

Each year, Woolworths' petrol stations sell around 4 billion liters of fuel, with earnings between $130 million and $150 million. As it had previously mentioned, Caltex had made a conditional and confidential proposal to Woolworths to acquire its fuels business and continue the successful fuel alliance (notably, Caltex's fuel supply arrangement with Woolworths is linked to Woolworths' ownership of the business), however, in the interests of shareholders, it was not willing to overpay for the business. Caltex was the exclusive supplier of petrol and diesel to Woolworths with annual sales volumes of 3.5 billion liters a year.

The deal would preserve Woolworths' fuel redemption scheme, and would also trial a joint convenience store business at 200 BP petrol stations.

Motorists will be able to earn Woolworths rewards points "on both fuel and in-store purchases at most BP sites in Australia" - with those Woolworth's Points then being converted to Qantas Points at the standard rate of 2,000 Woolworths points for 870 Qantas Points.

Erdogan: Turkish President claims US-led forces have supported ISIS
No talks should be allowed with those who are eager to do it. we must give them a decisive answer", Dehghan said in an interview with RT television commenting on the peace process in Syria.

However, before this deal can go ahead, it will need approval from the Australian Competition and Consumer Commission (ACCC), and this deal could take 12 months to complete.

The takeover of the Woolworths-Caltex service stations will see them rebranded as BP outlets and absorbed into the larger BP network, with BP becoming "a cornerstone partner in Woolworths' Everyday Rewards loyalty program" according to a statement issued by the petrol retailer.

The worse than expected loss was a stark contrast to the $2.146 billion profit of 2015.


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